Going to join the chorus here and say if you are going to pick a "worst value" meal, OP sure picked a controversial one. I had the pancakes and they were really good and the whole meal experience with the characters was an excellent value, and I paid out of pocket. Sure you can burn a fastpass or wait ages to meet Rapunzel, but it is not the same as enjoying a character M&G at your table and that is why character meals are popular. Contrary to what OP said, many popular character meals do not have a unique character and are still popular because the format is preferable to meeting characters in lines at the park (e.g. CRT, Akershus, Tusker House, Chef Mickeys). Also, Trattoria has Flynn and Eric, which are both unique (outside of parties), and really fun characters to boot. Plus, I disagree when OP said that breakfast buffets are better meals just because they have more food variety: with buffets, you have to go up and get your own food (not easy if you have small kids), and there is always an unpleasantness of people contaminating food at buffets (I've seen so many people at WDW sneeze on food, pick things up and put it back, use hands to scoop up shrimp, just ick all around).
Also, making the choice to leave out the fruit compote, which was the best part of the pancakes, and then say it is a bad meal is strange. That's like ordering pasta but customizing it to hold the sauce and then saying it is overpriced because it is plain noodles.
If I had to choose the most overpriced meal at Disney World, I'd probably say anything at Disney Springs. I don't go to Disney World and pay theme park prices to just eat in a regular restaurant in a shopping district: I pay for the experience of eating in a themed restaurant in a beautifuly-imagineered park or resort.
I thought the $15 bowl of Fruit Loops at BOG was ridiculous. No characters there for breakfast to justify the price. My husband's breakfast for $28 when the same meal is 11.49 everywhere else was pretty crazy as well. We were on
DDP but we will never go to BOG again with or without the plan. Way too chaotic and incredibly overpriced. The atmosphere just doesn't make up for it for us. We liked Trattoria al Forno and ignored the cost because of the characters you don't see elsewhere. While I enjoyed the meal very much, I wouldn't have paid for it out of pocket.
The "character" at BOG is the castle itself (watching the enchanted rose drop petals, the painting change from prince to beast, and the snow fall outside the ballroom). Plus PPO BOG breakfast gives you a "free fastpass" to 7DMT. For me, it is worth it when you factor in the PPO advantage but not worth it if I was not going there until after park opening. Just like at Oga's cantina you are not paying for the sugary, weak drinks--you are paying for atmosphere and access to the land.
